You can probably do it with fewer than 40 single family houses. Maybe a couple of apartment complexes.
If you are sensible and hard working, you may well be able to do it. But you will have to put effort in to be able to do it in 10 years. I figure about 15 yrs is about the time it takes to get to financial freedom.
If you will put “beginners success” into the search function of this main bulletin board for CREONLINE.COM, you will see my advice on how to become a real estate success. Other people have their advice also. Put in “getting started” or “newbie” or “beginner” and see what you can find on the search function.
You might consider, rather than long-term rental holding, quick resale of properties which you have bought at bargain prices. You might be able to quit your job after just a couple of years. Then you continue for a few years and buy holders as you can.
Investing 20-25k? How would you? - Posted by JP (Atlanta)
Posted by JP (Atlanta) on June 04, 2002 at 12:12:55:
They say that one of the keys to achieving your goals is to write them down and then share them with others. So here goes:
Within ten years, I want to own enough real estate with a positive cash flow to be able to walk away from my job.
I’m confident it is possible. I will do the work. I just need some guidance. Is there anyone out there that can help me get started?
Here’s my present situation:
I’m 43 and I know corporate America is not for me. I have a single investment property in the metro-Atlanta area that I can refinance and net 20-25k. I would like to use this money to invest in other property that I can rent and realize a modest cash flow of around 200/mo per property. Is this out of line with the real world? I figure I need around 40 properties in order to accomplish my goal. Yes, I know that is a lot of property.
I need a mentor. Someone who has done this or something similar and does not mind sharing the knowledge they have with someone else. In return I promise to do the same.
If that is too much to ask, just point me in the right direction and I will do the best I can. Your thoughtful insight and ideas are greatly appreciated. Thanks for taking the time to read this!
We are the same age and both workj for corp america. You can do as you want if oyu buy quickly, (one per month) and hold until half paid off (10 yrs on 15 yr loan) sell half to pay off the other half.
Do an archive search for my name I wrote a few recipes in here somewhere.